Beginner Investor need help putting a deal together!!!!!!!!

Financing, Hard Money Lenders, Private Money
1

I need help putting together a REO deal. I am a new investor and I not sure what to do! :question

The property is a Multi-family (2), one Unit building in Michigan. The asking price is $17,000 :deal. They want to get rid of the property. The only information they are asking for is purchase agreement and proof of fund. First of all, I did not want to use my fund. Second, I am trying to learn how to write-up agreements. I am planning to sell the wholesale.

:help Help! I need to get back with the bank by the end of the week. :help

2

Find an HML who will work with you. That is a pretty small loan amount though. How is your credit? You might apply for a 0% interest credit card and purchase it like that. Even if your minimum payment on the card is 3% your payment would only be $510.00 month.

3

Christopher is right. There are not many lenders who will want to even discuss with that low of an amount.

4

Thank You for your help! I think I am going to offer a cash price. Someone told me not to pay more than 65%.

5

Your final offer should be:

Final Offer = CMV - Rehab Costs - B/H/S Fees - Desired ROI

CMV= current market value or as is value
B/H/S fees: buy/hold/sell fees
ROI: return on investment (how much profit you want to earn)

Hope this helps—good luck on your first deal…

Regards,

Scott Miller